Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

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Answer 1

Question

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

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Cariveh Co sells automotive supplies from 25 different locations in one country. Each branch has up to 30 staff working there, although most of the accounting systems are designed and implemented from the company's head office. All accounting systems, apart from petty cash, are computerised, with the internal audit department frequently advising and implementing controls within those systems. Cariveh has an internal audit department of six staff, all of whom have been employed at Cariveh for a minimum of five years and some for as long as 15 years. In the past, the chief internal auditor appoints staff within the internal audit department, although the chief executive officer (CEO) is responsible for appointing the chief internal auditor. The chief internal auditor reports directly to the finance director. The finance director also assists the chief internal auditor in deciding on the scope of work of the internal audit department. You are an audit manager in the internal audit…

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Answer 2

Question

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

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Answer 3

Question

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

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Answer 4

Question

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

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Answer 5

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

Answer 6

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

Answer 7

Chapter 22, Problem 25DQP

(a).

To determine

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

Answer 8

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

Answer 9

(b).

To determine

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

Answer 10

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

Answer 11

(c).

To determine

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

Answer 12

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

Answer 13

(d).

To determine

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 22 - List four examples of interest-bearing liability...Ch. 22 - Prob. 2RQ Ch. 22 - Prob. 3RQ Ch. 22 - Prob. 4RQ Ch. 22 - Prob. 5RQ Ch. 22 - Distinguish between (a) tests of controls and...Ch. 22 - Prob. 7RQ Ch. 22 - Prob. 8RQ Ch. 22 - Prob. 9RQ Ch. 22 - Prob. 10RQ

Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

Solution Summary: The author recommends preparing an audit schedule for permanent file of mortgage so that information is accurately available in the future.

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Determine the desirability of preparing an audit schedule for permanent file for the mortgage and the information which should be included in the schedule.

Determine the reason behind auditing of mortgage payable, interest payable and interest expenses should be done together.

Determine the audit procedures that can be followed to verify the issue of mortgage, balance of mortgage and interest payable accounts.

Identify the information to be disclosed in footnotes for long term note payable to help the auditor determine satisfaction of presentation objective.

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Chapter 22 Solutions